US Senators Propose Amendment to Grant President Sanctions Authority over Digital Assets
CryptoNewsTerminal Staff06 Jun, 2024
US Senators Propose Amendment to Grant President Sanctions Authority over Digital Assets
U.S. Senator Mark Warner has introduced an amendment to the Intelligence Authorization Act for Fiscal Year 2025 that aims to give the President the power to sanction digital assets, according to CoinTelegraph. This amendment would modify the Anti-Money Laundering Act to include digital assets under the President's sanctions authority. The amendment defines digital assets broadly as "any communication protocol, smart contract, or software that is distributed across a distributed ledger or similar technology." If enacted, this bill would require users to comply with know-your-customer (KYC) regulations and utilize only licensed blockchain networks. Experts express concern that this amendment may attempt to exert control over digital assets under the guise of combating terrorism. This proposed amendment has sparked debate among policymakers and industry stakeholders. Some argue that it is an overbroad measure that could stifle innovation in the digital asset sector. Others maintain that it is a necessary step to prevent the misuse of digital assets for illicit activities. The amendment's impact on the digital asset industry remains to be seen.
